Gen Z-ers Plan to Care for Parents, but Don't Know Costs
Last updated 1/4/2024 at 10:43pm | View PDF
Gen Zers who plan to be involved in their parents' senior care anticipate their parents moving in with them or them serving as their parents' primary or supportive caregivers
Caring.com, a senior living referral service and a site for senior care reviews, recently published a report that examines how Gen Z-ers plan to care for their parents as they age.
The report shares insight into Gen X-ers' and Baby Boomers expectations of their children's involvement in their future senior care. Experts surveyed 1,500 American adults, from Gen Z-ers to Baby Boomers.
According to the 2023 survey, 72% of Gen Z adult respondents plan to be involved in their parents' future care. However, only 61% of adults in Gen X and the Baby Boomer generations believe their children will be involved in their future senior care. Gen Z-ers who plan to be involved anticipate that either their parents will move in, or they may take on a primary or supportive caregiver role.
Sixty percent of Gen Z respondents plan to provide "full" or "partial financial support" for future care costs. Meanwhile, only 45% of Gen X and Baby Boomer respondents anticipate their children will fully and partially cover future care costs.
Despite Gen Z's willingness to care for their aging parents, only 16% are aware of the average annual cost of full-time senior care: $50,000 to $70,000. Furthermore, less than four in 10 Gen X and Baby Boomers have talked to their children about their future care plans.
"Our survey clearly outlines discrepancies between Gen Z's plans, and Gen X and Baby Boomers' expectations regarding future senior care needs and associated costs," said Susann Crawford, VP of Sales at Caring.com. "While aging may be a sensitive and scary topic to bring up, these family discussions help ensure that everyone is on the same page and initiate the future planning process."
Survey results also highlight why 10% of Gen Z respondents do not plan to be involved in their parents' care. Among this group:
• 33% say they "don't think they will have enough money";
• 31% say they "don't think they will live close enough"; and
• 29% say "someone else will do it."
Additionally, among Gen X and Baby Boomer respondents who do not believe their children will provide care:
• 40% say their children "won't be willing to spend the time or money it would take";
• 38% say their children "don't think they will close enough"; and
• 32% say their children "won't have enough time to provide care."
The survey was conducted online on October 3, 2023. To access full survey results or get more information about the survey, visit https://shorturl.at/nvBDY